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Mall landlord Simon Property stories an eight.four% decline in gross sales

© Reuters. FILE PHOTO: Shoppers climb and descend escalators at King of Prussia Mall, owned by Simon Property Group, in King of Prussia, Pennsylvania, the United States, December 8, 2018. REUTERS / Mark Makela / File Photo

(Reuters) -Simon Property Group Inc reported an 8.4% decline in quarterly sales on Monday as the largest U.S. mall owner received fewer rentals from tenants still grappling with the effects of the COVID-19 pandemic.

Some of Simon's largest national tenants have been negotiating lower rents in the months since the pandemic began, arguing that the health crisis has caused their revenues to dry up.

Simon lowered his guidance for full year earnings per share from a previous outlook of $ 4.60 to $ 4.85 per share to $ 4.47 to $ 4.57.

However, the full year outlook for Funds from Operations has been raised to $ 9.70 to $ 9.80 per share, from $ 9.50 to $ 9.75 per share.

Total revenue declined to $ 1.24 billion from $ 1.35 billion in the first quarter ended March 31.

According to Refintiv's IBES data, Simon earned $ 1.36 per share for the quarter, above analysts' estimates of 96 cents.

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